Any person having a bank account will be provided with a passbook. Passbooks are provided for savings accounts where all the operations conducted in the account are recorded. Earlier, these passbooks were maintained by bank personnel. Passbook entries were made by Tellers in the bank, and there was scope for human errors.
To eliminate this issue, passbooks are now integrated with computers, and passbook printing kiosks will do the printing of entries. The passbooks issued now will have a barcode that will have all the account details. You will simply insert the book into the machine, and transactions are automatically recorded. So no long queues and no long waiting for passbook entries.
The Bank of Maharashtra passbook is a physical booklet issued by the bank to its account holders. It serves as an essential record-keeping tool for individuals having savings accounts. Earlier, all savings, current, and OD/CC account holders were issued passbooks. With computerization, only savings account holders are issued with a passbook, whereas current account and OD/CC account holders will be issued with periodical statements. However, savings account holders have both options.
The Maharashtra Bank passbook contains a chronological list of transactions made by the account holder, including deposits, withdrawals, transfers, interest earned, and any other activity related to the account.
The Bank of Maharashtra passbook is a mobile record of all your banking transactions. The bank will provide a passbook to all its savings bank account holders. Even recurring deposit holders get a passbook that can be updated regularly, like a savings bank account passbook. The details of transactions in the passbook include debits (withdrawals), credits (deposits), EMIs, interest earned, or any other income routed through the account, etc. How well you can use the Maharashtra passbook is given below:
- The first entry in the passbook will be the initial deposit made into the account. This applies to savings accounts with an initial deposit specification. Otherwise, the passbook issued at the time of account opening will contain the basic details of the account holder and the Bank.
- Make it a habit to carry the passbook whenever you visit the bank for a transaction. Get the passbook updated immediately after the transaction to keep track of your account. The bank has made passbook updation easier now by introducing automated passbook printing machines. You can print the entries yourself by just inserting the passbook in the printer, which is available at the branch as well as in the bank’s ATMs. Ensure that the passbook you receive from the bank has a barcode that contains all your information. Without the barcode, printing the entries will not be possible.
- Review the passbook regularly to keep track of your income and expenditure. This will help the effective management of finances.
- Reconcile the entries in the passbook with your personal ledger to ensure that no entry is missed out. Regular reconciliation will help spot any discrepancies or unauthorized transactions. You can take up the matter with the bank and get it rectified immediately to avoid financial loss.
- Regular updation of the Maharashtra Bank Passbook will keep you informed about the operations in your account. You can assess unnecessary expenditures and budget your monthly expenses. This will keep you financially fit at all times.
- The most important aspect is the safekeeping of the passbook. Ensure that the passbook is not damaged or the entries blurred, as this is the only physical record of the monetary activities.
As of date, the Bank of Maharashtra Online passbook facility is not made available. However, you can view the transactions in your account (m passbook) through the homepage of the Mahasecure App. You can use the facility only if you have a net banking account. The procedure for viewing the transactions are:
- Download and install the Mahasecure App on your mobile device.
- Open the MahaSecure App and log in with your user ID and password
- You will be directed to the user verification page where you will have to enter your Internet banking user ID and click on the ‘Submit’ button
- After the user verification, you will have to enter the 4- digit MahaSecure PIN and Submit to enter the next page.
- You will reach the home page menu.
- Click on the ‘Internet Banking’ option
- Enter your User ID, Password, and Captcha to login
- Click on ‘X’ sign on the screen
- You will be able to view your account number, status and the balance
- Choose the ‘last transaction’ option and click on ‘View’
- You will be able to view your account transactions in detail.
If you need a physical passbook, you will have to collect the same at the time of opening the account and update it periodically to have track of all your transactions.
If you need a duplicate passbook in the event of loss/theft or damage, then you will have to give a written request for a duplicate passbook. A duplicate passbook with a current balance will cost you Rs. 100/-. If you need all the entries, you will have to pay Rs. 75/- for every 25 transactions which will be automatically collected from the bank upon printing the details.
The passbook issued to you on opening the account will have the following details on the first page. The subsequent pages will be blank and reserved for updating the day-to-day transactions in your account.
- Account holder’s name
- Contact address of the account holder
- The contact number of the account holder
- The Type of Account
- Customer ID of the account holder
- Name and Address of the Bank
- IFSC Code of the branch
- Date of Account Opening
- Nominee Details
The details pertaining to transactions in the account which will be regularly updated, will have the following information:
- Date of the transaction
- Complete details of the transaction like the sender or receiver’s details and reference number (like cheque number, NEFT/RTGS references, etc.)
- Debit entries (withdrawals)
- Credit entries (Deposits)
- Account balance on a transaction date
The bank issues passbooks to account holders upon opening an account. This will be a part of their welcome kit and will not be charged. However, if you request a duplicate passbook, the bank charges Rs. 100 to issue a duplicate passbook with the current balance in the account. If you need entries in the passbook for a specific period, you will have to pay Rs. 75/- for every 25 entries.
- The passbook provides a simple and convenient method to monitor financial transactions and check account balances on the go.
- Transactions are promptly recorded in the passbook, ensuring users have immediate access to updated account balances.
- The passbook’s chronological transaction history makes it effortless for users to reconcile their accounts and track their financial activities.
- It proves to be beneficial for individuals who may not be comfortable with modern technology, as it does not require digital expertise.
- Users can effectively observe their spending patterns and plan budgets by referring to the passbook’s transaction records.
- In case of any discrepancies or disputes with the bank, the passbook serves as valuable evidence to clarify account activity.
- The passbook also functions as a valid address proof, offering an additional utility for users beyond tracking transactions.